Banking for Kids – 10 tips on starting your child’s first bank account

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I decided recently that instead of buying a Boppy or an ironic onesie I was going to commit to a financial gift for my wonderful friend and mom-to-be. She has an amazing family that will 120% make sure she get all the necessities so I wanted to do something for her + baby that maybe isn’t on the Target registry (Spoiler alert: Erin if you’re reading stop now and skip to the list. You’ll have to wait for your baby party).

I began my hunt for the appropriate investment account to open for baby boy. My brothers and sisters are laughing right now because this was never a thing for any of us, BUT I am committing to my future child(ren) RIGHT NOW. You will have a 529 College Savings Plan. We’ll discuss this plan in our next blog, but right now, let’s talk about banking and kids.

“The Wolf of Gum Street” offers my first foray into the world of banking, but is more so a commentary on age and why opening an account for your child is good.

Here are 10 tips on how to open a savings account for your kids, I bet you parents could even use it as a checklist.

  1. Find a savings account with no fees
  2. Find a savings account with an educational component
    1. save save save will lead to spend spend spend!
  3. Schedule an appointment at a physical branch
    1. check to see which documents you’ll need to open the account
  4. Have necessary documents ready to go
    1. id card
    2. ss number
    3. see 3. a!
  5. Explain how a bank works (or let the bank do it for you during your appointment)
  6. Establish a routine or schedule for checking your child’s account balance
  7. Practice transactions
    1. deposit cash / check
    2. withdrawals
    3. balance inquiry from an atm
  8. Create a spending / savings plan to determine what goes into the account
  9. Find one with some bells and whistles
    1. atm card
    2. savings incentive program
  10. Keep the attitude positive and reward good saving behavior

Piggybank believes financial literacy is key for future financial success. Smart saving means smart spending. Sign up today to learn more and stay in the loop – getpiggybank.com